Despite the huge number of Millennials in today’s workforce, retaining them can be difficult. But Millennials are now the biggest generation in the workforce, and it’s this generation that will be responsible for driving your organisation forward.
Hiring and retaining Millennials is crucial to your business development plans. Here are 5 ways to recruit into your business and retain them:
Competitive salary and interesting work
When recruiting Millennials, you need to start with the basics and ensure that you are offering them a competitive salary that gives them the financial compensation to support their individual lifestyle. They are also looking for interesting work that keeps them engaged and will develop their career, so you need to be able to foster their ambition.
In a PwC study, nearly half of the Millennials surveyed (44%) said competitive wages were a motivating factor in choosing an employer while just over half (52%) said growth opportunities were a motivating factor.
Many of the Millennials in today’s workplace grew up participating in group activities and volunteering. You may not be able to send your employees off to volunteer abroad for a month like some organisations, but you can incorporate volunteering into your CSR policy and enable your Millennials to give back to the community.
Paid volunteering days where employees spend a day or two helping a local organisation or school by doing manual labour, such as clearing a garden area, are a great way to get employee involved in community projects. Alternatively, you can organise employee teams to fundraise for your charity of the year by doing various activities.
Traditionally mentoring schemes have involved older workers mentoring younger workers, but it can be equally, if not more, advantageous the other way round. Millennials can teach your older generations how to use technology within the business to improve they way they do their job or how to post to social media to promote your employer brand.
This new approach to mentoring programmes gives both sides of the opportunity to learn, develop, and pass on their knowledge and skills improving the morale and engagement of all those involved in the programme.
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Like other employees, Millennials look for benefits that are relevant to their individual circumstances. Many Millennials are still paying off student debts so helping them budget for their monthly bills, or giving them access to discounts on purchases from high street stores, film tickets and gym memberships are attractive.
Forward-thinking organisations are going a bit further by offering benefits that include assistance with student loans and a weekly allowance for lunch purchases from a particular provider or in-company canteen. Millennials are after instant gratification so pampering perks such as free snack cupboards, weekly ice cream runs, sporting event tickets or a monthly draw for a VIP parking space are an affordable way to offer perks they will enjoy.
Have a digital presence
Millennials are tech-savvy, so if you offer them an interview the first thing they will do is research your company online, and that means looking at our social media feeds and reviews as well as your corporate website.
They are keen to understand your corporate culture, values, and mission, and will want to see how you engage both customers and employees online. And if you don’t have a digital presence then you might as well forget hiring them because they’ll feel your organisation is behind the times and not for them.
According to Inc., nearly two-thirds (62%) of Millennials are more likely to become loyal to a company if they can engage with the brand on social media.